Peruvian Lender Gets IFC Funds, Plans Bond

Peruvian Lender Gets IFC Funds, Plans Bond

June 21, 2013

The IFC has made a $50m equity investment in BanBif, which the Peruvian commercial bank hopes to follow with an international bond this year, it says. BanBif would like to raise $200m in the cross-border bond market in the second half of the year, in addition to domestic market debt. The IFC’s investment makes the multilateral a 12.66% shareholder in BanBif, and will help BanBif serve small and medium enterprises. It follows a $18m 10-year subordinated loan to BanBif. In 2009, the bank also received a 2020, $30m loan from the IMF and FMO. BanBif notes that it has received more than $300m in medium and long term loans from various groups such as CAF, the IFC, FMO, the IDB, Bladex and Cofide as it continues to grow. BanBif currently has 32,000 SME clients in Peru and a loan portfolio of about $560m.

The IFC has made a $50m equity investment in BanBif, which the Peruvian commercial bank hopes to follow with an international bond this year, it says. BanBif would like to raise $200m in the cross-border bond market in the second half of the year, in addition to domestic market debt. The IFC’s investment makes the multilateral a 12.66% shareholder in BanBif, and will help BanBif serve small and medium enterprises. It follows a $18m 10-year subordinated loan to BanBif. In 2009, the bank also rece